The authors write,“While almost all adults in North America, Europe and other advanced economies have a transaction account, in […] Africa and the Arab world, the share not having an account exceeds 50%. In the Middle East and North Africa, just under 64% of females and around 40% of males are unbanked. Source: World Bank, Global Findex database, BIS__Source: World Bank, Global Findex database, BIS"Financial exclusion is often part of a much wider social exclusion, with individuals also lacking access to education, insurance and healthcare. Access to a basic bank account has been shown to reduce poverty, as it promotes saving and supports better financial management," according to the authors. Fintech is also likely to improve universal access to and frequent usage of transaction accounts," the add, stressing that the way to address the problems surrounding cross-border payments is less clear.

Source: The North Africa Journal March 02, 2020 15:33 UTC